I have been looking at the Christie's Watches Online auctions in the recent months and usually see some very nice watches being offered. This month I noticed lot 113 which is both a redial and movement swap (https://onlineonly.christies.com/s/...ga-men-s-wristwatch-ck-2609-ck-2505-113/49669). About it they say "The dial has been cleaned and reprinted." I am curious, why would such a large and respected auction house accept a redial for consignment? And why is there already a $1000 bid on it?
The answer to both questions, I would say, is because the certain branches of the vintage watch market are deeply into bubble territory.
I don't see any reason why Christies wouldn't sell it. Sure, it's way below the standard/quality of high-end watches that are original and unrestored but it's got a $1000 bid, so there is obviously a market and Christies will make commission on it.
Why sell it? because they can make good money doing it and thats why they're in business at least they're honest bout it being a redial.
More upsetting to me - they have an IWC Mark XI that, at the very least, had the hands re-lumed. This was not disclosed. https://onlineonly.christies.com/s/christies-watches-online/iwc-mark-xi-ref-6b-346-32/49592
In a way, it's always buyers beware. I remember hearing there was a lot in the recent Phillips auction (of Paul Newman fame) where one of the dials definitely did not belong with the watch. Was this disclosed? No. Was the lot pulled? No. Did it still sell for a substantial amount? Yes. Some may argue bubble territory, and they may not be wrong. However, remember that timing is everything in a market and if you can figure out how to do that then I assume you can already buy whatever you want. So what are the options to us regular folks who are uncomfortable with the run up in prices? 1. Stay out of the market for one, three, or maybe 5 to 10 years. You can wait until prices completely crash and finally be able to afford that Ed White you've been dreaming of for a mere $6-7k (maybe). 2. Continue to purchase what you feel are good deals in hopes of being able to convert at a profit so you can finally buy what you REALLY want. Is that dial dirty? Call it tropical. That case already polished? Honest condition. Buy, sell, and claw your way into profit so you can finally buy that Ed White you've been dreaming of for a mere $15k (maybe) 3. Buy what you love at a price you're comfortable with. Then market won't matter because you'll be able to sleep at night. Be patient, talk to the community, let your friends know what you're in the market for, and then one day you'll find that perfect Ed White you've been dreaming of for a mere $2k at a little known boot sale (maybe).